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More IMF funds for Iceland

More IMF funds for Iceland article image
The International Monetary Fund (IMF) will hand their second loan installment to Iceland, an amount of US$167 million, after the recessive country overcame political issues that prevented it from receiving the disbursement. The IMF confirmed Iceland would receive the money by the end of the month: "There were delays in policy implementation, reflecting Iceland's political crisis and the elections that followed, and there were problems in reaching agreements with creditors, which complicated efforts to secure financing for the program from participating countries," said Mark Flanagan, IMF mission chief for Iceland. Last November, Iceland's booming financial sector collapsed and the country was close to bankruptcy before the government took control of the major banks and the IMF expedited a loan worth more than US$2 billion.

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